JasmyCoin Faces Collapse as ‘5 cent’ Meme Coin Gains $1 Million in Funding

Web 3 Journalist

Tim Hakki

Web 3 Journalist

Tim Hakki

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A journalist and copywriter with a decade’s experience across music, video games, finance and tech.

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Last updated:

October 24, 2024 12:37 EDT

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The price of decentralized data storage coin JasmyCoin ($JASMY) has begun a sharp fall, dropping 1.4% in the last hour.

The adverse price performance comes after a month of losses has sunk $JASMY’s price by 19%. This week, the token fell by 1.3% and now changes hands at $0.01886.

By comparison, market leader Bitcoin ($BTC) is posting green candles across the board, having risen 1.5% in the last 24 hours and 1% over the week to trade at $67,743.

JasmyCoin’s trading volume has also dropped off significantly in the last 24 hours, falling 13.2% down to $84.6 million.

Are these signs of a correction, or worse, a collapse?

$JASMY: How It Started, How It’s Going

Billed as “Japanese Bitcoin” Jasmy is an on-chain data storage solution that gives people greater control and autonomy over their personal data by enabling them to store it in something called a Personal Data Locker (PDL). If they choose to, they can share this data with companies willing to pay for it.

This model aims to securitize data storage and minimize leaks while also facilitating its dissemination and use between consenting counterparties.

JasmyCoin’s price chart shows the coin currently trading at a support level that it has maintained since March, as indicated by the horizontal green line below.

This means that throughout most of the year-to-date, JasmyCoin has been, and still is, trading at a bottom.

Recent rallies have highlighted potential resistance around $0.025. Now, the token’s relative strength index is falling from 42, which indicates consistent selling.

This is likely to stabilize by Saturday, but holders will be left wondering if JasmyCoin will reclaim its 2024 high of $0.041 set back in June. For now, the outlook is bearish.

As JasmyCoin Wobbles, Traders Hedge Portfolios With Vote-To-Earn Meme Coin Flockerz

The current uncertainty around JasmyCoin illustrates the risk inherent in investing in any subsector of crypto.

JasmyCoin is part of an emerging sector of DePIN coins that tap blockchain to incentivize the development of real-world infrastructure.

DePIN as a sector may be useful, but holders of JasmyCoin or similar DePIN coins should diversify their portfolios with token allocations from other Web3 offerings, like GameFi, GambleFi, storage coins, AI-integrated projects, and even meme coins.

Yes, decentralized innovation is even beginning to enter the meme coin sector.

Multiple projects are launching, which give investors multiple avenues to earn rewards, all while keeping the fun, volatility, unpredictability and viral marketing of meme coins.

This month, meme coin fans have been piling into a new vote-to-earn (V2E) meme coin called Flockerz ($FLOCK).

Its presale launched last month and has rapidly raised over a million dollars.

Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivaled community-building incentives and staking rewards.

Holders of Flockerz (known as “The $FLOCK”) are integral members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.

This structure ensures community consensus dictates the decisions rather than a centralized authority.

Some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes eye-watering yield of 1,644% on the tokens they lock up over a two-year staking period.

Flockerz is a transparent and fully audited project.

That’s why Coinsult audited its smart contract, to give investors peace of mind.

Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions, like Bitcoin Cash. The vote-to-earn mechanism will launch after listings.

Hold on, because this $FLOCK is taking off!

Join now. Follow Flockerz on X and Telegram.

Visit the Flockerz Presale Website

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.